Rolls-Royce and Exelon Generation have signed a deal to explore the potential to operate compact nuclear power stations both in the UK and internationally.
Exelon Generation will be using its operational experience to assist Rolls Royce in the development and deployment of the UKSMR in which the company is partnering with multiple companies to push nuclear costs down and avoid costly schedule disruptions.
The aim of the UKSMR programme is to build a fleet of factory-built nuclear power stations, each providing 440MW of electricity, to be operational within a decade.
The project is expected to play a key role in helping the UK to meet its net zero obligations.
Funded by the UK Research and Innovation., the UKSMR programme could by 2050 create up to 40,000 jobs; add £52 billion of value to the UK economy and contribute £250 billion-worth of exports.
The UKSMR consortium will built the fleets and hand them over to Exelon Generation for operation.
Exelon Generation will leverage its expertise gained in operating some 21 nuclear fleets in the US. The fleet produces more than 158 million MW/hs of clean electricity every year.
Tom Samson, interim CEO of the UKSMR consortium, said: “Nuclear power is central to tackling climate change and economic recovery, but it must be affordable, reliable and investable and the way we manufacture and assemble our power station brings its cost down to be comparable with offshore wind.
“It’s a compelling proposition that could draw new players into the UK’s power generation landscape, improving choice for consumers and providing uninterrupted low carbon energy to homes and businesses.”